The Securities and Exchange Commission (SEC) has declared that rule violators in Nigeria’s capital market will not go unpunished.
In a notice issued on Sunday in Abuja, the SEC Director General, Dr. Emomotimi Agama, warned market operators against engaging in unscrupulous activities, emphasizing that the commission remains committed to investor protection.
He highlighted that the Investments and Securities Act (ISA) 2007 clearly defines the objectives of securities regulation in the country.
“As a form of self-regulation, operators must understand that if they act improperly, the SEC will expose them for lacking integrity,” Agama stated.
He explained that the “fit and proper person” test is a core principle in securities regulation, ensuring that only those who meet all requirements outlined in the ISA 2007 and other SEC regulations are allowed to operate in the market.
Zero Tolerance for Market Violations
Agama stressed that the SEC is intensifying efforts to crack down on fraudulent activities, with no hiding place for those who intend to defraud investors.
“Recent actions such as revoking licenses, suspending operators, and tracking unregistered entities are just the beginning. We are determined to do even more this year,” he said.
He reiterated that investor protection remains a priority, stating:
“A well-protected investor is a powerful investor. The SEC will use every legal means to deter fraudsters and safeguard Nigerian investors.”
Commitment to Compliance & Market Development
The SEC Director General reaffirmed the commission’s commitment to ensuring that all market participants understand their responsibilities.
He emphasized that compliance and information disclosure are essential for capital market operations, describing them as key pillars of securities regulation.
Agama urged both existing and prospective market participants to collaborate with the SEC in fostering the growth and integrity of Nigeria’s capital market.